Asia-Pacific markets trade mixed as investors assess Bitcoin's rally and Trump's 30% tariffs on EU and Mexico

Asia-Pacific markets traded mixed Monday, as bitcoin hit a record high and investors assessed the impact of U.S. President Donald Trump's 30% tariffs on the European Union and Mexico imposed over the weekend.

Here are today's highlights and a live snapshot of how markets are faring:

• Bitcoin rallied and crossed the $120,000 threshold to hit a fresh high
• Yields on 10-year Japanese Government Bonds rose to a near two-month high
• Chinese exports surpassed expectations, while imports rebounded in June
• Singapore warns of 'uncertainty' after it averts a technical recession on manufacturing and construction growth

Indian stocks open lower

Indian stocks fell at the open Monday, amid mixed trading in other key indexes in Asia-Pacific.

The 50-stock benchmark Nifty 50 dropped 0.43% while the Sensex index lost 0.26% as of 9.35 a.m. Indian Standard time.

Bitcoin crosses $120,000 threshold to hit fresh record

Bitcoin extended its gains and crossed the $120,000 threshold to hit a fresh record high Monday.

As of 12.03 p.m. Singapore time, the cryptocurrency had gained 1.35% to trade at $120,732.42.

Chinas exports beat expectations in June, while imports rebound for the first time this year

China's exports beat expectations in June as businesses continued to rush out shipments to capitalize on a temporary tariff reprieve ahead of an August deadline.

Exports jumped 5.8% in June in U.S. dollar terms from a year earlier, customs data showed Monday, exceeding Reuters' poll estimates of a 5% jump.

Imports rose 1.1% from a year earlier. While missing economists' expectations of a 1.3% rise, that marked the first time that imports have grown this year, reversing the trend of declining imports this year amid sluggish domestic demand.

Read the full story, here.

Japan's 10-year government bond yield rises to near two-month high

The yield on 10-year Japanese government bonds (JGBs) rose 5.5 basis points on Monday to touch 1.554% as at 11.20 a.m. local time, after briefly hitting its highest level since May 22 earlier in the session.

Yields fall when bond prices rise.

Meanwhile, the yield on 30-year JGBs rose 6.5 basis points to 3.111%, while the 20-year JGB yield ticked up marginally to 2.56%.

The two-year JGB yield edged up marginally to 0.775%, while the five-year JGB yield was last seen up nearly 4 basis points to 1.066%.

Bitcoin hits record high of nearly $119,500

Bitcoin hit a record high of $119,454.68 on Monday before paring gains later in the session.

As at 10.15 a.m. Singapore time, the cryptocurrency was trading flat at $119,171.63.

Chinese and Hong Kong stocks rise in early trade

Chinese and Hong Kong-listed stocks started the day marginally higher Monday amid choppy trade in other key Asia-Pacific markets.

As of 9.40 a.m. local time, the Hang Seng Index added 0.14%, while mainland'sCSI 300 moved up 0.16%.

Japan's core machinery orders fall 0.6% in May from the previous month

Japan's core machinery orders fell 0.6% in May from the previous month on a seasonally adjusted basis, according to data released by the country's Cabinet Office on Monday.

While that came in slightly better than the 1.5% contraction estimated by economists in a Reuters poll, it followed April's decline of 9.1%.

Core machinery orders by the domestic private sector, which exclude volatile items like ships and electric power, are regarded as a key gauge of capital expenditure and reflect business confidence in buying more machinery and equipment.

On a year-on-year basis, core orders grew 4.4%, beating the 3.4% rise forecasted, LSEG data showed.

Meanwhile, the total value of machinery orders received by 280 manufacturers operating in Japan increased by 3.8% in May from the month before on a seasonally adjusted basis, government data showed.

Singapore warns of ‘uncertainty’ after it averts a technical recession on manufacturing and construction growth

Singapore's economy grew at 1.4% in the second quarter of 2025, avoiding a technical recession as it reversed the 0.5% contraction recorded in the first three months of the year.

On a year-over-year basis, the country's economy expanded 4.3% in the second quarter of 2025, accelerating from 4.1% in the first three months and beating expectations. A Reuters poll of economists had forecasted a 3.5% growth.

A technical recession is commonly defined as two consecutive quarter-over-quarter declines in a country's GDP. Analysts polled by Reuters had estimated a 0.6% quarter-over-quarter growth.

Read the full story here.

Asia-Pacific markets open mixed

Asia-Pacific markets started the day mixed Monday.

As of 8.10 a.m. Singapore time, Japan's Nikkei 225 benchmark lost 0.33% while the broader Topix index ticked down 0.21%.

In South Korea, the Kospi index was up 0.22% while the small-cap Kosdaq moved up 0.19%.

Over in Australia, the S&P/ASX 200 benchmark was down 0.1%.

Here are the opening calls for the day

Good morning from Singapore.

Investors will be keeping a close watch on a slew of data points today, including India's inflation reading for June and Singapore's second quarter growth rate.

Economists polled by Reuters expect India's consumer price inflation reading to come in at 2.5% year on year, from 2.82% the month before.

Meanwhile, Singapore's economy is forecast to grow by 3.5% year on year in the second quarter, compared to 3.9% in the previous quarter.

Japan's benchmark Nikkei 225 was set to open lower, with the futures contract in Chicago at 39,345 while its counterpart in Osaka last traded at 39,500, against the index's Friday close of 39,569.68.

Futures for Hong Kong's Hang Seng index stood at 24,088, pointing to a weaker open compared to the HSI's last close of 24,139.57.

Australia's S&P/ASX 200 was also set to start the day lower with futures tied to the benchmark at 8,548, compared with its last close of 8,580.10.

U.S. futures slip after Trump announces 30% tariffs on the EU and Mexico

U.S. equity futures fell in early Asia hours after U.S. President Donald Trump slapped 30% tariffs on the European Union and Mexico.

S&P 500 futures lost 0.33%, while Nasdaq 100 futures dropped 0.22%. Futures for the Dow Jones Industrial Average fell nearly 280 points, or 0.63%.

Major averages all close week lower

The major stock averages all fell on Friday, closing lower for the week.

On Friday, the Dow Jones Industrial Average lost 279.13 points, or 0.63%, and ended at 44,371.51. The S&P 500 shed 0.33%, finishing at 6,259.75, while the Nasdaq Composite shed 0.22% to settle at 20,585.53.